Though the San Francisco-based social media player is still not making a profit. It lost $145 million despite its best quarterly revenue yet of $312 million, but the results beat most expectations of the company. Wall Street expected Twitter to only do about $280 million in revenue, as more ad dollars are pouring into the platform than expected. Twitter's stock surged 35 percent due to the earnings.

"Our strong financial and operating results for the second quarter show the continued momentum of our business," CEO Dick Costolo said in the quarterly statement. "We remain focused on driving increased user growth and engagement, and by developing new product experiences, like the one we built around the World Cup, we believe we can extend Twitter's appeal to an even broader audience."